Can you be a CFO without a finance degree? (2024)

Can you be a CFO without a finance degree?

To become a CFO, you must start with a strong finance, accounting, or business background.

Do you need a finance degree to be a CFO?

To become a CFO, you need a degree in a field like accounting, or something related to finance/accounting. Some people get a degree in business and then an MBA, but it is recommended to get education and experience in accounting/finance. After all, that is what a CFO role is all about.

What are the minimum qualifications for a CFO?

They are not necessarily required to have a master's degree, but some do bring advanced degrees. Professional accounting and finance experience is most important, with a minimum 10 years on the job usually required. CFOs also commonly bring certifications in accounting, auditing or financial management.

What is the best degree for CFO?

According to a survey of Fortune 500 and S&P 500 companies, 50% of CFOs surveyed had an MBA, while 33.6% had CPAs. 10.4% of CFOs in the survey had both MBAs and CPAs under their belts. Master's degrees in Finance or Accounting are also popular and useful.

Can you be a CFO without a CFA?

“The CFO is no longer considered just the finance guy or gal.” Accounting experience is less vital: In years past, Branthover said, clients would insist that CFOs have a public background and hold CPA licenses or CFA certifications. Now, she said, the role is “much more business-focused than accounting-focused.”

Can a non CPA be a CFO?

While having a CPA designation can be beneficial in some cases, it's not a prerequisite for the role of a Chief Financial Officer.

Can you be a CFO without a Masters?

Though not a requirement, individuals exploring how to become a CFO may find a master's degree in accounting offers them an advantage over other applicants.

What does a CFO do day to day?

If you work as a CFO, you oversee the investment of funds held by the company and assess and manage associated risks. You also supervise cash management activities, execute capital-raising strategies to support a firm's expansion, and deal with mergers and acquisitions.

How hard is it to become a CFO of a company?

Generally, it takes at least 10 years of experience in the field of finance to become a CFO. This includes working in various roles such as an accountant, financial analyst, controller, treasurer or other related positions.

What position is right below a CFO?

At the top if the CFO. Finance Director/ VP of Finance is essentially the same role, however if you have a VP of Fin, but need a strategic person at the same level (or a little higher) then you have the CFO. Below that is Controller (Chief Accounting Officer).

What is the fastest way to become a CFO?

What is the path to become a CFO?

The basic qualifications of a CFO include a bachelor's degree in finance or economics and professional certification such as CPA or CMA. Doing an MSF (Master of Science in Finance) is extremely beneficial. Or you could possibly also choose an MBA with a specialization in accounting or finance.

Can CFO make millions?

As you can see, CFO compensation at the largest technology and financial services companies tends to be the highest. Several CFOs make well over $20 million per year when accounting for salaries, bonuses, stock awards, and other incentives.

Is it worth being a CFO?

High Salary

In a C-suite executive role, the chief financial officer is the second most important person after the chief executive officer and a business partner with the CEO. One of the primary benefits of becoming a chief financial officer is that they are well compensated and have stock options.

What certifications does a CFO need?

How hard is CFA for non finance?

It can be challenging to take the Chartered Financial Analyst (CFA) Level 1 test if you don't have a background in finance. It could be difficult to understand and retain the knowledge needed to pass the exam due to the unfamiliar and complex nature of the concepts and jargon used in finance.

Should a CFO have a CPA or MBA?

In those cases, an MBA is usually the better choice since they can “sell” the company to potential investors and steady the operations for future growth. However, a CPA is generally the better option for the CFO role if the CEO oversees a public company.

What percentage of CFOs have a CPA?

38.5% of sitting CFOs in 2023 were CPAs, up from 34.5% the previous year; 52.5% of sitting CFOs had MBAs. The percentage of CFOs without either CPA or MBA credentials stood at 21.5% in 2023, markedly down from 30.2% in 2017.

Do you need an MBA to be a CFO?

Many CFOs held bachelor's (and sometimes master's) degrees in accounting or finance, in addition to earning accounting certifications. These days, however, there are many roads to becoming a CFO, and the role has expanded well beyond accounting and finance. That's why many finance chiefs now hold an MBA.

What is the average age of a CFO?

Chief Finance Officer age breakdown

The average age of chief finance officers is 40+ years years old, representing 89% of the chief finance officer population.

Can you be a CEO without a bachelor's degree?

It's rare in modern business for an individual to become a CEO without higher education. For example, entrepreneurs might succeed in the CEO role without earning a degree. However, earning a degree (often an advanced one) is typically considered essential in climbing the corporate ladder.

Can CFO work from home?

How to Become a Remote CFO. The qualifications that you need to work as a remote CFO include a degree in finance or a related field and management-level job experience. Employers expect extensive job experience, and some prefer you to have an MBA with a focus on a finance-related specialty.

Is CFO a high stress job?

Being a CFO, or a business owner acting as your own CFO, can be incredibly stressful, and it just gets more so the larger the company you manage.

Why do CFOs get paid so much?

Company details: Publicly traded companies usually pay their CFOs more money (up to $50,000 more per year), because the job requires more reporting and shareholder relations. Larger companies tend to pay more, as do those in financial and global markets.

How many hours does a CFO work per week?

On average, they work around 50 hours to 60 hours a week. During busy times, such as the end of the quarter or when traveling to attend meetings with investors, you can expect to work even more. Sometimes, you'll end up working as much as 90 hours a week. CFOs tend to have fairly non-traditional business hours.